Economics

To create a climate of purpose by which aspiration and passion are the central attitudes of any tasks, responsibility or role undertaken.

Both teachers and students alike will endeavour to take charge in instilling and endorsing this approach amongst their colleagues and ensuring a culture of shared success.

Economics is only offered as an A Level subject

Course content

YEAR 1:

Microeconomics:

Economic methodology and the economic problem

Price determination in a competitive market

Production, costs and revenue

Competitive and concentrated markets

The market mechanism, market failure and government intervention in markets

Macroeconomics:

The measurement of macroeconomic performance

How the macro economy works: the circular flow of income, AD/AS analysis, and related concepts

Economic performance

Macroeconomic policy

YEAR 2:

Micro: Individuals, firms, markets and market failure

Economic methodology and the economic problem

Individual economic decision making

Price determination in a competitive market

Production, costs and revenue

Perfect competition, imperfectly competitive markets and monopoly

The labour market

The distribution of income and wealth: poverty and inequality

The market mechanism, market failure and government intervention in markets

Macro: The national and international economy

The measurement of macroeconomic performance

The global context: globalization, international trade, trade policies and negotiations

The financial sector: the role of the financial sector in emerging markets, the role of central bank and financial regulation

PROGRESSION

The course applies economic theory to support analysis of current economic problems and issues, and encourage students to appreciate the interrelationships between microeconomics and macroeconomics. The students will be able to relate what they are learning to the world around them – locally, nationally and globally.

Students gain an understanding of current economic issues, problems and institutions that affect everyday life. They apply economic concepts and theories in a range of contexts and appreciate their value and limitations in explaining real world phenomena. While analysing, explaining and evaluating the strengths and weaknesses of the market economy and the role of government within it.

Students will develop the knowledge and skills needed to understand and analyse data, think critically about issues and make informed decisions. They will also build upon their quantitative skills and appreciate that, when evaluating arguments, both qualitative and quantitative evidence are important.

The course will develop an interest and enthusiasm for economics and its contribution to the wider political and social environment. The students gain a developed understanding of the world around them beyond those of their peers as become critical and thoughtful 'economists'. Becoming an Economist will enable students to add both breadth and depth to their view of world, through a combination of theoretical concepts and their real world application. It is a subject that is key to understanding the operation of the modern world. It also facilitates practical skills, qualities and attitudes which will equip them for the challenges, opportunities and responsibilities of adult and working life

The subject leads to a wide variety of careers, such as professional economist, investment banking, government advisor, tax advice, insurance, accountancy, actuarial work, stock broker, investment manager, politics and many more.